Gabe Newell, co-founder of Valve, gave a presentation at the University of Texas on all sorts of aspects of his company’s business: Steam, his dislike of closed platforms such as consoles and walled-garden app stores, and so on.

The point that I make to people of your generation is that you can't lie to reddit. It's remarkable how many people try, but they don't understand that reddit's ability to detect bullshit is insanely high.

It’s worth watching the whole thing all the way through. Valve is, as stands, probably one of the most exciting and innovative companies that almost no-one outside the gaming or technology circles has heard of: Newell effectively states that his company has its fingers in a lot of pies. Valve has an entire category on its blog devoted to the economics of Team Fortress microtransactions and hat-trading.